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Lance uses his personal vehicle in his sole proprietorship. He keeps no records of any kind regarding his business use of the car and doesn't
Lance uses his personal vehicle in his sole proprietorship. He keeps no records of any kind regarding his business use of the car and doesn't really know for certain when and where he used the automobile for business. Which of the following correctly describes how Lance's vehicle expenses should be reported on his Schedule C
He cannot deduct any vehicle expenses because he has no record of his expenses.
He could have leased a comparable vehicle for $ for Therefore, he should deduct $ as a business expense.
He should estimate his total vehicle expenses for the year and then deduct of that amount as business expenses.
He should research what other people in similar businesses deduct for vehicle expenses and claim the average amount. He should keep records of his research in case he is audited.
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